Wheat Market Sees Mixed Trade Amid Strong Harvest Pace

The wheat complex saw mostly weaker trade on Monday, with some Chicago contracts rising. Chicago SRW contracts closed deferred contracts 1 ¼ cents lower to 1 ¼ cents higher in the nearbys. KC HRW futures posted losses of 3 to 5 ¾ cents at the Monday close. MPLS spring wheat was down 2 ¾ to 4 ½ cents on the session.

The weekly Crop Progress report from NASS showed that 62% of the US spring wheat crop had been harvested by Sunday, which is 10% ahead of the normal pace and a 21% jump from the week prior. Conditions were down 1% at 51% good to excellent, with the Brugler500 index back down 3 points to 341.

The weekly Export Inspections report showed wheat shipments of 425,668 MT (15.64 mbu) in the week of August 20. This was a 17.24% decrease from the week prior and 59.35% below the same week last year. The Philippines received the largest amount at 117,217 MT, followed by South Korea with 78,033 MT and Japan with 72,335 MT.

Market data showed that Sep 26 CBOT Wheat closed at $6.81 3/4, up 1/4 cent, while Dec 26 CBOT Wheat closed at $6.99 1/2, also up 1/4 cent. However, Sep 26 KCBT Wheat closed at $7.50 1/2, down 5 3/4 cents, and Dec 26 KCBT Wheat closed at $7.67 1/4, down 5 1/4 cents.